The cryptocurrency market has experienced a sharp pullback, wiping out over $120 billion in market value as Bitcoin (BTC) plunged beneath the key $76,000 support level. This move effectively erased the strong post-election gains that had briefly pushed Bitcoin past $80,000 just a day prior. [1] (https://www.bitkub.com/en/blog/bitcoin-drops-6-to-7-week-low-as-us-stocks-sell-off-OfB0prlLNVxJBK9kEP1xIH), [2] (https://www.bitkub.com/en/blog/crypto-market-drops-140b-as-bitcoin-falls-below-76k-pJ4yMburAbrtId4c67ZWSA), [3] (https://www.kucoin.com/news/flash/crypto-market-loses-120-billion-as-top-coins-drop-4-6), [4] (https://m.economictimes.com/news/international/us/why-is-bitcoin-price-crashing-today-btc-usd-falls-toward-76000-amid-stock-market-sell-off-and-370-million-in-crypto-liquidations/articleshow/135579593.cms)
Exchange rates chart
As of 6 Nov, 5:28 am IST • Disclaimer
BTC-USD
ETH-USD
7 Oct14 Oct21 Oct28 Oct4 Nov-15%-10%-5%0%
7 Oct 2026 - 6 Nov 2026
Chart SummaryAsset Name Asset Price Price Delta Percent Delta
BTC-USD $75,878.43 11.25%
ETH-USD $2,233.68 17.57%
Key Drivers Behind the Market Movement
• Traditional Tech Stock Plunge: The drop was heavily tied to a sharp sell-off in traditional U.S. equities. The tech-heavy Nasdaq fell 5% as traders worried that new Chinese AI models (like DeepSeek) could threaten Western tech dominance. Because the 30-day correlation between Bitcoin and tech stocks has reached a high of 0.68, crypto quickly felt the pressure. [1] (https://www.facebook.com/quartznews/posts/bitcoin-sinks-to-seven-week-low-as-a-tech-selloff-drags-down-crypto-bitcoin-drop/1486786969983783/), [2] (https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-nasdaq-11052026-12237014), [3] (https://www.bitkub.com/en/blog/crypto-market-drops-140b-as-bitcoin-falls-below-76k-pJ4yMburAbrtId4c67ZWSA), [4] (https://www.bitkub.com/en/blog/bitcoin-drops-6-to-7-week-low-as-us-stocks-sell-off-OfB0prlLNVxJBK9kEP1xIH)
• Massive Derivative Liquidations: The sudden downside movement triggered a wave of forced liquidations. Over $1.05 billion in leveraged crypto positions was completely wiped out within a 24-hour window, with bullish long positions bearing 88% of the pain ($926 million). [1] (https://www.bitkub.com/en/blog/bitcoin-drops-6-to-7-week-low-as-us-stocks-sell-off-OfB0prlLNVxJBK9kEP1xIH), [2] (https://www.bitkub.com/en/blog/crypto-market-drops-140b-as-bitcoin-falls-below-76k-pJ4yMburAbrtId4c67ZWSA)
• Political & Policy Realities: While the initial post-election outcome sparked a major rally, the enthusiasm cooled as investors locked in profits and processed the fact that immediate strategic crypto rules or U.S. reserves were not highlighted in day-one executive announcements. [1] (https://www.facebook.com/quartznews/posts/bitcoin-sinks-to-seven-week-low-as-a-tech-selloff-drags-down-crypto-bitcoin-drop/1486786969983783/), [2] (https://www.bitkub.com/en/blog/bitcoin-drops-6-to-7-week-low-as-us-stocks-sell-off-OfB0prlLNVxJBK9kEP1xIH)
• Lingering Exchange Security Fallout: The market is also continuing to digest the macro fallout from a massive $6.3 billion security breach on Binance that occurred late last month. [1] (https://www.21shares.com/en-eu/insights/bitcoin-outlook-november-2026), [2] (https://www.bitkub.com/en/blog/crypto-market-drops-140b-as-bitcoin-falls-below-76k-pJ4yMburAbrtId4c67ZWSA)
Major Asset Performance
• Bitcoin (BTC): Struggled to maintain its short-term recovery, dropping roughly 5.3% over the last 24 hours to trade in the $75,800 to $76,500 territory.
• Ethereum (ETH): Trimming its recent post-election bounce, falling down toward the $2,230 range, further weighed down by ongoing ETF outflows.
• Altcoins: Top-tier tokens like Solana (SOL) and XRP recorded matching losses of 4% to 6%, highly influenced by broad-market liquidations rather than token-specific bad news. [1] (https://coinmarketcap.com/top-stories/), [2] (https://aktualita.co/en/economy/btc-usd-today-november-6-2026-bitcoin-plummets-to-us76000-what-is-the-cause), [3] (https://www.21shares.com/en-eu/insights/bitcoin-outlook-november-2026), [4] (https://www.kucoin.com/news/flash/crypto-market-loses-120-billion-as-top-coins-drop-4-6)
If you want to track how these assets recover, I can set up a task to alert you on Bitcoin support levels or notify you about upcoming Federal Reserve rate decisions. Would you like me to monitor this?